India’s largest bank State Bank of India (SBI) has reduced its NRE/NRO, Senior Citizen, Domestic Term Deposit Rates by 0.25% for certain tenures from June 08, 2012.
- SBI will offer 7% for fixed deposits up to six months as against 7.25%.
- On seven-to-eight month deposits, rates have been reduced to 7.25% from 7.5%.
- Long-term rates have been left unchanged.
Below are the revised rates.
Premature withdrawal of SBI Term Deposits:
- Domestic Term and NRO Deposits should remain for a minimum period of 7 days and NRE Deposits should remain for a minimum period of 1 year in order to earn interest.
- No penalty for premature withdrawal upto 180 days and 0.5% for other maturities.